Pengxin moves to expand holdings of NZ dairy with Synlait buyout

Shanghai Pengxin Group Co Ltd has won approval from Chinese regulators to buy a controlling stake in a 4,000-hectare dairy farm in New Zealand, part of its strategy to meet growing domestic demand with imports.

The takeover offer was extended to Synlait Farms Ltd on Nov 1, 2013. Shanghai Pengxin will make the purchase through SFL Holdings, in which it owns a 74 percent stake.

In a statement, Synlait said that 99.58 percent of its shareholders had accepted the offer before it closed on Jan 29. The transaction will close on or before March 11, it added.